Financial History Issue 112 (Winter 2015) | Page 4

Financial history The magazine of the Museum of American Finance in association with the Smithsonian Institution Issue 112 • Winter 2015 (ISSN 1520-4723) Kristin Aguilera Editor IN THIS ISSUE FEATURES 13 America on the Bargain Counter As the nation rebounds from depression in 1921, investors indulge in commandingly cheap stocks.  By James Grant EDITORIAL ADVISORY BOARD Howard A. Baker, Esq. Howard Baker Associates Brian Grinder Eastern Washington University Gregory DL Morris Freelance Journalist 16 Shavers, Sharks and Payday Lenders Society’s changing perceptions about lenders, loans and usury.  By Robert E. Wright Arthur W. Samansky The Samansky Group Bob Shabazian American Stock Exchange (ret.) Myles Thompson Columbia Business School Publishing Robert E. Wright Augustana College 20 Debt and Democracy: Forging a More Perfect Union The role debt played in replacing 13 sovereign states with one energetic national union in the late 1780s.  By Edward J. Larson Jason Zweig The Wall Street Journal EDITOR EMERITAE Diana E. Herzog ART DIRECTION Alan Barnett Design 24 Who Paid to Defeat Hitler? How FDR persuaded America it could afford taking part in World War II.  By Nicholas Wapshott MUSEUM STAFF David J. Cowen, President/CEO Kristin Aguilera, Deputy Director Sarah Buonacore, Collections Manager Jeanne Driscoll, Director of Development Maura Ferguson, Director of Exhibits and Educational Programs Arturo Gomez, Business Manager Chris Meyers, Director of Education Linda Rapacki, Managing Director of Visitor Services and Operations Mindy Ross, Director, External Relations Copyright 2015 by the Museum of American Finance, publisher, 48 Wall Street, New York, NY 10005. Telephone: 212-908-4110; fax: 212-908-4601. All rights reserved. Financial History is the official membership magazine of the Museum of American Finance. Annual individual membership is $55. Payment must be made in dollars, by credit card or check payable to the Museum of American Finance. There is no implied endorsement of any advertiser in this magazine. 28 Economic Titans Debate on Free Trade Versus Protectionism in 1869 Horace Greeley and Arthur Latham Perry square off on the issue of foreign tariffs.  By Alan Lavine 32 Genesis of the “Big Three” Credit Rating Agencies The origins and growth of Moody’s, Standard and Poor’s, and Fitch.  By Lesyk Voznyuk 36 Belly of the Exchange The history of the New York Stock Exchange Luncheon Club.  By Bart Ward www.MoAF.org 2    FINANCIAL HISTORY  |  Winter 2015  | www.MoAF.org